On January 26, 2007, Petro-Reef Resources Ltd. announced that it had closed its financing, announced on December 19, 2006. The offering of 5,260,870 units of the Corporation at a price of $1.15 per unit, for gross aggregate proceeds of approximately $6 million was fully subscribed. Each unit is comprised of one common share of the Corporation and one-half of one common share purchase warrant of the Corporation, each whole common share purchase warrant being exercisable to acquire one common share of the Corporation at an exercise price of $1.75 for a period ending on July 25, 2008. The net proceeds of the offering will be used by Petro-Reef for exploration and development on its properties. Petro-Reef is a Calgary-based junior oil and gas company focused on petroleum and natural gas lease acquisition and exploration, and development of crude oil and natural gas properties in Alberta, Canada. Petro-Reef was advised in this financing by Greg Powers, John Sabetti, Dugan Edmison and student-at-law Casey Smith from the Calgary and Toronto offices of Fasken Martineau.